Small business loan applicants could get more privacy and clear choices about sharing their personal data.
This bill would change how banks collect information from small businesses applying for loans, aiming to give applicants more privacy. Banks would stop collecting some types of data and could tell applicants that sharing certain details is optional. The bill also defines which banks and small businesses these new rules apply to.
Today, financial institutions collect specific small business loan data, sometimes using methods like visual observation. After this bill, they would collect fewer specific data points, be prohibited from collecting data through observation, and would be allowed to inform applicants that providing certain information is optional and won't affect their credit decision.
S 2352 · 119th Congress · July 17, 2025 · AI Summary by gemini-2.5-flash · 9/10
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3 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.